Palmer Square Capital BDC (NYSE:PSBD - Get Free Report) was downgraded by research analysts at Oppenheimer from an "outperform" rating to a "market perform" rating in a research note issued on Friday, Marketbeat reports. They presently have a $14.00 target price on the stock, down from their previous target price of $17.00. Oppenheimer's target price points to a potential upside of 3.86% from the company's previous close.
A number of other brokerages have also issued reports on PSBD. UBS Group decreased their price objective on shares of Palmer Square Capital BDC from $16.50 to $14.00 and set a "neutral" rating on the stock in a research report on Thursday, April 17th. JPMorgan Chase & Co. reduced their target price on shares of Palmer Square Capital BDC from $16.00 to $13.50 and set an "overweight" rating on the stock in a research report on Thursday, April 24th.
Read Our Latest Report on Palmer Square Capital BDC
Palmer Square Capital BDC Price Performance
Shares of PSBD stock traded up $0.19 on Friday, hitting $13.48. The stock had a trading volume of 45,754 shares, compared to its average volume of 29,316. The stock has a market cap of $436.39 million, a price-to-earnings ratio of 7.02 and a beta of 0.63. The business has a 50 day moving average of $13.47 and a 200 day moving average of $14.93. Palmer Square Capital BDC has a 12-month low of $11.51 and a 12-month high of $16.85.
Palmer Square Capital BDC (NYSE:PSBD - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.40 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.44 by ($0.04). The business had revenue of $31.21 million for the quarter, compared to the consensus estimate of $32.55 million. Palmer Square Capital BDC had a net margin of 41.67% and a return on equity of 11.97%. As a group, research analysts expect that Palmer Square Capital BDC will post 1.96 earnings per share for the current fiscal year.
Insider Buying and Selling at Palmer Square Capital BDC
In related news, President Matthew L. Bloomfield bought 4,000 shares of Palmer Square Capital BDC stock in a transaction dated Thursday, March 6th. The shares were acquired at an average cost of $15.48 per share, with a total value of $61,920.00. Following the completion of the transaction, the president now owns 41,478 shares in the company, valued at $642,079.44. The trade was a 10.67% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.96% of the company's stock.
Institutional Investors Weigh In On Palmer Square Capital BDC
A number of institutional investors have recently added to or reduced their stakes in PSBD. Franklin Resources Inc. raised its holdings in shares of Palmer Square Capital BDC by 72.0% in the fourth quarter. Franklin Resources Inc. now owns 57,866 shares of the company's stock worth $880,000 after buying an additional 24,232 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its holdings in Palmer Square Capital BDC by 73.0% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 83,997 shares of the company's stock valued at $1,277,000 after acquiring an additional 35,437 shares during the period. Bienville Capital Management LLC lifted its stake in shares of Palmer Square Capital BDC by 61.9% in the 4th quarter. Bienville Capital Management LLC now owns 676,406 shares of the company's stock valued at $10,606,000 after purchasing an additional 258,643 shares during the period. Bank of New York Mellon Corp increased its holdings in Palmer Square Capital BDC by 120.3% in the fourth quarter. Bank of New York Mellon Corp now owns 77,878 shares of the company's stock valued at $1,184,000 after buying an additional 42,533 shares in the last quarter. Finally, Mariner LLC raised its position in shares of Palmer Square Capital BDC by 97.7% in the fourth quarter. Mariner LLC now owns 2,275,470 shares of the company's stock worth $34,587,000 after acquiring an additional 1,124,766 shares during the period. Institutional investors own 6.52% of the company's stock.
About Palmer Square Capital BDC
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Palmer Square Capital BDC Inc is an externally managed, non-diversified closed-end management investment company which primarily lends to and invests in corporate debt securities, including small to large private U.S. companies and has elected to be regulated as a business development company. Palmer Square Capital BDC Inc is based in MISSION WOODS, Kan.
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